Belgian REIT Xior Student Housing has hit its target of raising €88 mln from an oversubscribed IPO, and will list on Euronext Brussels as the owner of a €198 mln portfolio.
Belgian REIT Xior Student Housing has hit its target of raising €88 mln from an oversubscribed IPO, and will list on Euronext Brussels as the owner of a €198 mln portfolio.
In a statement, Xior said that 3.4 million new shares and 140,000 existing shares, priced at €25 each, were allocated, generating a total of €87.8 mln. The offer was 2.1 times oversubscribed, with demand from retail and institutional investors in Belgium, as well as institutional investors from other continental European countries and the UK.
'The successful closing of the offer marks a further major milestone in Xior's development,' said CEO Christian Teunissen. 'It indicates strong confidence in and support for our future plans and strategy.'
Xior's initial 2,000-bed property portfolio comprises 37 buildings in Belgium and 11 in the Netherlands, with a total fair value of €196 mln. The portfolio is being assembled through a combination of contributions in kind, mergers, acquisitions and asset deals.
The company's shares are expected to start trading on Euronext Brussels on 11 December.
